Proxima Fusion, a spinoff of the Max Planck Institute for Plasma Physics in Germany, has raised €20m ($21.7m) in seed funding to build the first generation of fusion power plants based on quasi-isodynamic (QI) stellarators with high-temperature superconductors.
The Munich-based company said the seed round, led by Swiss venture capital firm redalpine, was preempted and oversubscribed, with participation from the Bavarian government-backed Bayern Kapital, German government-backed DeepTech & Climate Fonds, and the Max Planck Foundation.
Existing investors, including Plural, UVC Partners, High-Tech Gründerfonds, Wilbe, and the Tomorrow fund have doubled down on their pre-seed investments, Proxima Fusion said.